AIR Worldwide is positioning its new catastrophe modeling platform, Touchstone, as a keystone tool for the insurance marketplace.
Aon Benfield, Guy Carpenter, Willis Re, Aspen Re, Montpelier Re, TransRe and FM Global are among the brokers, insurers and reinsurers using the program.
“Part of our risk management strategy is to evaluate and understand multiple views of risk. Our R&D department blends multiple external models such as AIR's with our internal research. We appreciate the additional flexibility and depth of insight that Touchstone offers, as it gives us more control in terms of how we manage our overall catastrophe risk,” says Alan Calder, group head of catastrophe risk at Aspen, which has integrated Touchstone into its proprietary catastrophe management system, APEX.
Touchstone was launched in January 2013 with the promise of helping users harness a deep dive into their exposure and enterprise-wide loss potential. The program features modules for improving data quality, understanding hazards at specific locations, using mapping techniques to perform analytics for un-modeled geographical areas, and performing speedy loss analysis.
Clients have a choice to utilize Touchstone on their businesses' operating system, in the cloud, or on-premises.
“The installation of Touchstone was effortless, and we were up and running in just a matter of days,” said Gero Michel, head of risk analytics at Montpelier Re. “Within the production environment, we've seen markedly reduced run times, and the platform helps us dramatically streamline our detailed modeling workflow. Our new ability to visualize and drill into exposure enhances our analytical capabilities and increases our underwriting skills for both our insurance and reinsurance business.”
AIR, a member of the Verisk Insurance Solutions group at Verisk Analytics, is in the process of updating the program to incorporate catastrophe and noncatastrophe risks on a single platform, and plans to debut this capacity in 2014.
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